India Probes 400+ Wealthy Traders in Major Binance Tax Evasion Case

India‘s tax authority is investigating over 400 high-net-worth individuals for allegedly evading taxes while trading on Binance, according to The Economic Times.

The probe focuses on trades from 2022-2025, a period during which Binance was later found to be operating illegally in the country. Traders face one of the world’s highest crypto tax burdens, with an effective rate that can exceed 40%.

This crackdown comes just after Binance itself re-entered the Indian market in August 2024, following a 2023 ban and a $2.25 million fine for non-compliance with anti-money laundering laws.